last 2 derog

last 2 derog

I've been working to clean up & build up my credit. I'm in a bad situation and need to get my own place soon. I want to buy a house and now is definitely the market for buying, but my combined score averages out to 603 and I need to be at 620. I have 2 more derog items (both are cc's) left and they are due to drop off in Nov & Dec. When they drop I will be left with one cc that is good but is only 9 mths old. Will my score drop because of the short time of credit history on that card?

Re: last 2 derog

SunShineSmiles wrote:

I've been working to clean up & build up my credit. I'm in a bad situation and need to get my own place soon. I want to buy a house and now is definitely the market for buying, but my combined score averages out to 603 and I need to be at 620. I have 2 more derog items (both are cc's) left and they are due to drop off in Nov & Dec. When they drop I will be left with one cc that is good but is only 9 mths old. Will my score drop because of the short time of credit history on that card?

Hello and welcome to the forums.

Are these CC's still open or have the accounts been closed? If they have been closed what was the date of closure?

From a BK years ago to:EX - 9/09 pulled by lender 802EQ - 7/06-663, 3/10-800TU - 8/10-772You can do the same thing with hard work

Re: last 2 derog

Closed accounts in good standing generally keep reporting for up to 10 years after closing. If these were closed then once the lates drop off the accounts will again be considered in good standing and will report for the remainder of that 10 year period. (Did that make sense? It confused me. )

If they are still open it will continue to help your AAoA (Average Age of Accounts) and credit length history.

From a BK years ago to:EX - 9/09 pulled by lender 802EQ - 7/06-663, 3/10-800TU - 8/10-772You can do the same thing with hard work

Re: last 2 derog

Closed accounts are not regulated, at all, by the FCRA as to continued inclusion in your CR.

They can continue to be in your credit tile, and thus your credit report, forever.

Montthly reporting updates are not necessary to keep an account in your credit file, or report, even if the account was closed a decade ago, in good standing.

Most creditors dont go through the time and expense to update old, closed accounts in good standing. So they just stop updating.

There is no requirement for any deletion at any time, such as 10 years from closing date.

I have three accounts, closed in full good-standing, much more than a decade ago, and one closed 31 years ago, that is still in my credit report, and assisting both my oldest age of accounts, and my average age of accounts.

Account deletion from your credit file comes from only two ways. If the creditor posts a specific deletion to the CRA, then yes, poof, it is gone.

But for old accounts, the credtior rarely reviews the "cold case files."

The CRA can choose to purge their files of old accounts, but they do that with some peril. They want to retain account data that may later be the subject of any diispute, even after their bar againsit CR inclusion has passed. Normally 7-10 years. But the bar against CR inclusion of data in their credit files has exemptions under FCRA 605(c) that permits certain information in your file to be reported forever.

So the 10-year deletion date is arbitrary. They have reason to retain forever.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation.
Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies.
Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.